[Archive]

Posted By: Jeff Lichtman

No, Matt, I understand that REA has the traditional 30 min rule; but why would the auction not just close when there are simply no more bids for 30 mins, i.e., when the clock reaches zero? If the concern is that the auction could go on for weeks until there are no bids for 30 mins I could understand artificially closing it -- but if the clock hits zero and the auction continues then isn't that clear that there is no need for the auction to remain open?